Long Term Care Planning
Have you ever been told that you should give your house to your kids to protect it from the cost of a nursing home? If the thought concerns you that you may someday lose your home or your savings because you may need longterm care or nursing home care, you should know your options. Contrary to what you may have heard, you do NOT need to give your house to your children to protect it – there are other options that will allow you to keep control of your assets while still protecting them.
Longterm care planning is the process of arranging your assets in a way that protects some or all of your assets from the devastating cost of longterm or nursing home care. Planning of this kind will often involve the use of an irrevocable trust, or maybe longterm care insurance. There are other options and you should know those other options.
Every family is unique, requiring a customized analysis and plan that will be suitable to their goals and values. Often the discussion around longterm care planning will also involve a deeper discussion of the client’s estate planning goals, as they are frequently intertwined. Virginia Legal Associates understands the complexity surrounding a family’s consideration of avoiding the financial risk of longterm care while also preserving their estate planning goals. You do not need to give your assets to your kids to protect the assets!
By positioning your assets in advance of the need for longterm care, you will have a plan in place to help protect your assets and remain as independent as possible.